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20121129
20121207
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before the end of the year. dave: think of the billions of dollars that will be in the economy just when people will be buying those blue boxes. this could be a nice stimulus for the economy. john boehner saying he has seen no substantive progress on the fiscal cliff talks in the last couple weeks. what compromises need to be made? sheila bair, being a former fdic chair, telling us 4 ways wall street can help out and it is not all good news for investors. liz: did you see the cover of the wall street journal? fed stimulus like gillian 2013. we talked about this the second broke yesterday halfway through the 3:00 p.m. show. the man who wrote the article, wall street journal's chief economic correspondent and chief head head to lend us live. dave: before that is of we will tell you what drove the market with the data download. stocks extending yesterday's gains finishing a volatile session higher with the dow, s&p and nasdaq trading above the 200 day moving average for the first time in three weeks. telecom and health care were the top performing sectors. fewer americans filing first-time
the global economy is in trouble when even taco bell and kfc have trouble making money, right? shares of their parent company yum! brands dove nearly 10% today. the company warned fourth quarter sales in china, their single best market, would likely slide. >>> u.s. consumer spending fell for the first time since may. the 0.2% decline in october partially being blamed on the impact of superstorm sandy. why not. >>> starting off tonight, taxes are the talk of the town and have been for daze. seems like much of the conversation is focused on the wealthy to get them to pay more. a new study by the tax foundation flips the argument over who really is paying their fair share on its head. the numbers show tax rate paid by individuals in income top 1%, was 23%. all filers in bottom 50%. paid 2%. that is 10 times more. joining me scott hodge. from tax foundation. we have also the founder. sqm management. thanks for joining us. scott, i want to start with you since the numbers are manying from your foundation. what is the average takes rate for our viewers and why did you decide to isolate this
hurting our economy and creating jobs. today, the white house has demanded an offer from republicans. they now have one. back to you. llri: rich edson, and he thinks. the market is taking a breather today. dupont and 3m are the biggest draggers on the dow. early stocks rising out of the gate out of some good news out of china over the night. hitting a seven month high, but then the u.s. isf number hit at 10:00 a.m. eastern and a wave of selling. manufacturing activity contracted in november. they say the factory index came in at 49.5 in november. down from almost 52 and october. keep in mind, any number below 50 means contraction. above 50 equals expansion. investors are still worried about tax treatment and dead deals. exelon, the worst of the bunch our first guest has seen it all. the u.s. economy they fall into a recession next year even if congress strikes a budget deal by year end. joining us from stanford, california, martin feldstein. thank you for being with us. the republicans now responding. negotiations well underway to avoid a fiscal cliff. to your point, you recently sai
is not good for -- on a bad deal is not good for the american economy. we had a good first quarter, reasonably good second quarter, third quarter, driven with this uncertainty with respect to the election and financial cliff, and the economy ground to a halt, we have a backlog of economic development project in the southeast, 300 projects representing $15 billion of investment, 45,000 jobs, good paying jobs. those -- >> does that evaporate if dividend taxes go up? >> if we go off the financial cliff, most economists predict another economy growth, there is no reason to move forward. neil: maybe the point for you, better than -- i know where you are coming from. >> let me tell you -- neil, wait could one more point. kicking table economic 48% of our family in southeast make less than $40,000 a year, any increase in taxes that slows the economy would be -- neil: would a cliff be worth it? >> a cliff would be bad short-term, cause a recession, but at least it might do something about getting us focussed on spending, that is the part of the ledger that congress ignores it is amusing that harry rei
all economy we must put enments on the table. over the last four years entitlement spending is growing faster than the over all economy. this is why president obama has this country in record debt. that hurt the economy. take-home pay decreased under president obama. we must get entitlements under control. >> rick at the unemployment and housing vouchers. it is 800 billion extra spending. doesn't that have to be cut. >> there is no chance that there will be a dole without entitlement cuts. what senator durbin is talking about is the importance of focusing. if we want a deal you will not doing by taking a wide sprect rum approach. president clinton was clear when he spoke to the republicans. he pointed out that t biggest driver of the united states debt is medicare. he understands that we have to face up to the medicare problem. we need a solution. >> the conference that rick was referring tompt he said folks, i won and i get to make the decision and he grew the budget by 800 billion every year. one-time stimulus has happened every year of the presidency and the president through tim ge
, what does it mean to the economy? especially if we don't know in it will be a deal in a month or a deal to do deal in another year? >> there's absolutely no good at this point in pushing along the current system and waiting to fix it later. yeah, no one wants higher taxes, but we're not in a dp reception rightnow. we absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goalets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and higher taxes for a while, big deal, we will get there. that's got to be the plan not just the same nonsense. >> yeah, but larry, that's part of your point, but jonas says we're not in a bad recession, we're certainly not in a good recovery. and if we just keep falling little bit by little
that there may be some more demand coming for the metal from china and the u.s. as well. as both of our economies begin to churn a little more than expected. the top two copper-consuming countries. >> and following auto sales today, a number of derivatives plays hitting 52-week highs. cooper tire and rubber, genuine parts and carmax taking a hit in today's session. david: all right. and we told you about that breaking news on jpmorgan whale trader, a $5 billion loss for the company. the senate has been investigating. peter barnes with the latest on that investigation. peter? >> reporter: well, that's right, david. the senate, a senate investigation subcommittee has questioned more than 80 people in its probe of $5.8 billion in trading losses in may by jpmorgan chase, the london whale trading losses, according to two people familiar with the investigation. now, according to the sources the people -- according to one of the sources, the people include current and former jpmorgan employees as you would expect. now, reports of this probe first -@surfaced in the fall. now we can report that investigat
, people. i hope you're not either. coming up tomorrow, what was once a dark spot in the economy is becoming the shining star in the recovery. why the quick tu around? that's all for on the. thanks for joining us. have a great night. see you right back here tomorrow. ♪ lew: good evening, everybody. u.s. foreign policy in the middle east in question at this hour. violence spiring outf contro in syria after 20 months of civil unrest and the deas of at least 40,000 murdered civilians at the hands of their own government. united states and nato agreeing to deploy patriot weapons and to thwart an aso-called by assad. the missile systems to be positioned near the syria. his staff denies that and estimates if they were deploy troops, it requires 75,000 of the troops in a full ground invasionn order seize the chemical weapon stockpile. fox news confirming they were not ordered to draft the consideration of such a mission. secretary of state clinton is nonetheless talking very tough calling for assad to step down as the obama administration has done for the past 15 months, b refusing,
to make the economy move forward. i don't think any politician wants to have on their watch to see this economy going into another recession and to avert that from happening both sides have to come together and reach a deal. markets trying to price and -- is ot impossible to sell off if we continue to see this uncertainty, if we had those key technical levels it is a buying opportunity for big investors and the public as well. dave: i was talking to a trader in london earlier today, he was saying europe has tried, france and england and spain raised taxes and this is not created any economic growth. some people looking at china, despite the talk about how china's economy is slowing down, there may be interesting places to put your money over there. do you agree? >> i completely agree but don't think that is directly in china but there are some great u.s. companies that make revenues to the rest of the world and -- proctor and gamble, all of our tobacco companies, we have brands like starbucks, the rest of the world aspires to end huge middle-class being created all over the world
government money to pay for it. >> john than what does that do to the economy over all? >> it hurts the economy. any time the government involves in ethanoyl or kid's education or health care or housing it lead toz destruction. the pearl student loan went up five percent. 85 percent of that is held by the government. 10 percentelingquency and goes to 15 or 20 and the taxpayer is is left on the bottom floor. >> julian, you think the government should get out of student loan business. that is rough the payment of debt. >> i think everyone agreed that a college education is critical to the country's competeness. if you have a college education you are less unemployment and will earn more income. we need to reform the system. we took banks out as middle man and republicans opposed that . we need to cut the waste out. let me finish the point fimay. the law signed will give students flexibility to pay back under the condition they pay back the loans and that is important reform as well tracey is right. the principle issue is whether kids coming out of the college have an opportunity to ge
to be remembered that push the country back into recession. >> it is not leaving a strong economy, it is transforming the economy into a your -- european socialist. connell: thank you, monica. >> thank you. connell: we do have real numbers on the economy to talk about. today, we learned consumer spending is down for the month of october. not to worry says stuart hoffman. he joins us from pittsburgh. >> it is a deal when consumer spending falls. we should put it in context. in july, august and september contributors had a pretty good rebound. as you said, some of the hurricane sandy koufax did affect this number we will find out on monday whether the sales came back when they announced november numbers. if you average this out, we saw, even in our company, a decline in sales of our merchant services. we have seen more of a return to normal and i was encouraged, but i guess it is now black thursday to cyber monday sales look pretty good. connell: everyone says, all right, well, what if we do not get there in terms of this washington self that monica was just talking about and we do
. stuart: you agree with me, if this plan, anything like it from the president, were imposed on the economy at this time it would lead to recession. >> i think that the president is fully aware as are democrats and anybody realistic. stuart: you make that judgment. >> i am not a fan, by the way, never have been, i thought the fiscal cliff thing was ridiculous in the beginning. no, no, but prefacing my answer to you. stuart: higher taxes of this magnitude on an economy that's already weak with 8% unemployment, you do that and now it's not-- >> no, no, no, i do not believe that raising the marginal tax rates to the clinton rates for the wealthiest among us-- >> i knew you were going to say that, you're comparing a totally different economy. what we have now is 8% unemployment. very sluggish growth and a trillion dollar deficit every year. you propose to raise taxes in that environment and you're not going to get growth. >> don't you understand you need to off set-- if you're serious about debt reduction, i think you are, don't you understand you need revenue and spending cuts. stuart: and how
for it and it's destimulative when you need to stimulate the economy. >> and you're talking about, when you take money out of small businesses? >> and adam, he deserves to answer your question. adam? >> he's talking about keeping taxes where they are for the straight majority othe country, charlie. he campaigned on this. he was elected on it, it doesn't matter. >> 50% othe vote on it. >> it doesn't matter, you know that as well as i do. it's only political. >> no, no, no, i'm not-- no, i'm not saying that, i'm saying that there's no rational reason. >> let me finish, charlie. >> and what is the rationality ttreat a small business person who makes $250,000 a year and employs ten people just like steve jobs, warren buffett and-- >> and we quibble? >> let me finish. we can quibble about what the right amount is, whether it's $250,000 or whether it's 500,000, what the president is trying to do. >> and for a while, charles, help me with this part of it. whatever your views on taxes, and i think it's happening and ben stein' earlier point, it's there. andeeply disturbing, where is it, not only there's
about the importance of preventing a tax increase on middle class families, strengthening our economy, and adopting a balanced approach to deficit reduction. and so it goes. my first guest says it does not matter who you tax or what form revenue takes him, taking more money at the private sector will hurt economic growth. joining us now, republican senator from the great state of kentucky from the senator rand paul. good to have you with us, senator. >> good evening. the president says we don't have enough time for tax reform or in thailand reeorm. you know my responses? we have been talking about this for two years. why haven't we done anything? i met with the president a year-and-a-half ago and i looke@ across the table in. i said in a we need to do something about social security. we need to do something to save medicare. they have done zero. how come there is no committee appear. d'agata washington. who is in charge of social security reform? nobody. everybody waits for a deadline and throws up their hands and says we don't have enough time. it is broken up here, but because they'
for the american economy and says all the wrong signals to us signals to the market and international investors. also the demonstration of the sheer breathtaking arrogance of the obama presidency. this is a set of demands from an imperial white house. that simply is not open to any form of discussion at all according to these latest developments. this is a deeply worrying. the united states is on the edge of the economic abyss. the $16 trillion debt. so far there are no serious proposals whatsoever coming from the obama administration with regard to cutting this level of debt that the united states knows. america is heading for an economic catastrophe. it is a slow-moving sort of trained crash. gerri: i think that train is being of every single day. to you. imperial presidency. not only imperial. it's on hiatus. the talks have been outsourced. the very man who negotiated the biggest bailout of banks in u.s. history. i think his choice of a negotiator is even problematic at this point. >> i completely agree. if you think back to the start of the first administration, he had his problems getting
starting to hurt the economy, do you agree? >> you see that with the investment spending, and it can only get worse as we get closer to the end of the year as everybody holds their breath in the economy collectively, we have big problems. lori: one thing was the incredible amount of government spending especially on defense. one of the biggest issues is concerning. >> the issue really is what happened in the current quarter and going into the beginning of next year. other types of discretionary spending is as well. the total is $600 billion, the economy simply cannot withstand that sort of shock. we saw a week underlining detail report. know the economy will be soft in the current quarter due in part to hurricane sandy but also the slower trends in the various components. lori: 1.7 is the consensus estimate of expansion, what are you thinking? >> we're forecasting 1.3%. in the ballpark of 1.7 before hurricane made landfall. more of a ceiling than a floor at this point. lori: anything good to look forward to? >> things don't look all that bad next year. one of the key reasons when next you
back then, barack obama believed that lowering rates was good for the economy. dagen and connell, it is yours. connell: the war on wealth is where we begin today. dagen: get the government out of the markets. connell: the devil wears -- becoming our next ambassador to britain. dagen: holiday travelers paying up. the average ticket price topping $450. connell: everyone needs a few days off. it is the top of the hour. we will go to nicole petallides. good morning. nicole: good morning. let's take a look at what is going on here. let's take a look at jardin restaurants. it turns out they are not meeting the analyst expectations. let's take a look at the stock. it is near its lows of he day. their earnings will miss the analyst estimates. same-store sales dropping 3.2%. as a result, sales have diminished. how about the major market averages? the dow is higher, but the s&p and the nasdaq are lower. dagen: republicans finally pulling off their own plan to deal with the fiscal cliff. connell: the white house predictably saying, no deal. the parameters are there now. we can start to ima
show again. >> great to be with you, thank you. gerri: everything's hanging in the banse, economy, middle class income, taxes, you name it, and you and your fellow house members are not going to work. >> well, wait, this is a 24-hour day job, seven days a week. i'm in new york tomorrow looking at the hospitals affected in hurricane sandy, and i feel like i need to do the ground work to investigate that for myself. gerri: you're doing work, but not all the people you work with in washington are. some are just taking time off before the holidays when this big issue is on the plate. nancy pelosi had to say about this. >> we should be here and came as a surprise, and i'm really surprised that the republicans would leave. we maim in tuesday, and we left wednesday at twelve o'clock noon. with all that needs to be done, avoiding the conversation, sounds like people don't want to be in town for some reason. gerri: does she have a right -- are the republicans trying to avoid the conversation? >> no, absolutely not. we had a hearing this morning in the joint economic committee on this issue
: without affordable energy we have no economy and that is for sure bad for my children. we have no jobs. we have no industry. >> why is the fastest growing new source of energy in this country wind energy or distributed solar. melissa: because it is completely supported by the government and by my tax dollars. >> not even close to as much as --. melissa: absolutely no money to spend on these things you know what -- >> actually big oil, gas and coal are actually much more heavily subsidized. melissa: you and disagree what is subsidy is. that is fine for debate for another time. we agree to disagree. do you know crayons, made from petroleum. >> right. maybe that is essential use in your view. we don't need to drive our cars with petroleum. we can use --. melissa: we do, because i don't want to pay $59 a gallon for biofuel. >> we need to use government and our taxpayer dollars wisely. melissa: i do too. >> make sure we use technology that actually doesn't exacerbate climate change and actually --. melissa: electricity comes from coal and nuclear? you like coal and nuclear. >> also comes from s
this economy moving. say what you will. california does seem to be showing the first seedlings of improvement. activity picking up here. home sales picking up here. retail sales picking up here. not dramatically. when a third of voters say things are getting better and they're more confident they will get better, well that might seem very anemic to you, it is double what it was a little more than a year ago. so progress in this western state where they seem to favor of late raising taxes more than they do cutting spending. just that spread to washington in era we're told with ongoing fiscal talks they might be weighed more towards tax hikes than spending cuts. we thought we would be fair and balanced about this with two california governors, a democrat and republican. you should recognize both. democrat gray davis and republican pete wilson. good to have you. >> thank you, neil. >> good to be with you, neil. neil: thank you, governor davis. since you're not with me, governor davis, in the studio here but governor wilson is i'm going to him first. the thing i will raise with you, governor wils
. then we have been signed on the tax hike that could put a spike in this very economy. neil: welcome back. >> most of you know me pretty well. what you see is what you get. while i may be affable and someone who can work with members of both parties, which i have demonstrated over the 20 years i've been here, i have also determined to solve our spending problem. to also solve this debt crisis. neil: speaker john boehner is not too confident that things are looking good. saying that republicans are not the ones blocking a deal to avoid the disaster. if you're looking at the headlines, you would almost assume that he is lying. because it looks like republicans are the ones getting in the way of the compromise. so insisting on revenues, that it makes nothing of the point that democrats are equally insistent upon spending. start reading the fine print. $1.6 trillion in tax hikes. gretchen hamilton says the median is focusing on republicans rejecting the deal and maybe not democrats offering a lousy deal. it is true. it is remarkable in terms of the coverage how unbalanced it is. >> by now, th
. it really helps the economy. gerri: or something surprising here. we have a comparison, brightwork state versus nonwhite work state. we just showed weight increases by higher then any nonwhite work state. how is that possible? >> what it does is a big open for business sign to attract businesses to the state. lawmakers in the state are putting workers and job creators about special interests. and they know that they won't have to -- that the politicians won't be putting anyone else ahead of the jobs. gerri: job growth shrinking in the united states. it really does involve michigan. it's what happened with detroit auto workers. their jobs shrinking. they're definitely on the decline. other workers in the south. and there is a clear case study of the power of the work states -- the right to work states. not for those who employ people come up before the workers. >> that is right. the auto industry -- the american auto industry is actually coming back. but it's coming back in the right to work states where we have the very stringent right to work state. all the auto workers are making more
-created recession hurt the world economy. the paper went on to school lawmakers here saying that the u.s. should act like a responsible power. oh, boy. of course, china's interest is purely self-interest here. the last thing he needs it needs is a slowdown in consumer spending. after all, where would the chinese a their economy be if it weren't for america? that's right. a lot more to come during this hour. what this tax fairness mean? i will break down th numbers. folks like warren buffett don't want to talk about this. and aaa and unusual warning about a blend of gasoline. the federal government wants you to start using the gas. but will it damage your gerri: look, i am no expert on media bias, but the media solving the fiscal cliff. the huffington post reporting that the offer to avert disaster sparks gop outrage. "the new york times", the front page story today that the tax code is less progressive than in 1980. back when ronald reagan was president. let's take a look at federal income tax in this country. these numbers according to the tax foundation. the top 1% pay 37.4%. the top 1% of earners
this one, and that's good for the american economy. >> republicans believe the reason the president is going light on spending cuts while demanding the budget deal include another increase in the nation's debt ceiling is clear. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has a specific proposal to achieve $600 billion in savings from entitlement programs like health care entitlement programs. >> jay compared republican pressure on the debt ceiling to a hostage taking. >> a profoundly bad idea that i think could not be more frightening for american businesses, and american workers. >> treasury secretary tim geithner may have frightened people yesterday saying the whi
. you're talking about something that would do tremendous damage to the domestic economy. everybody agrees with this. president obama as president at least twice made the argument, raising taxes including raising taxes just on the wealthy would hurt the economy. he is doing something he previously said would hurt the economy. melissa: that is absolutely true but please,,guys, show me that full screen another time. on the spending side of the ledger none of those cuts are big enough to make any kind of a difference, whether we're talking about going over the cliff or talking about even the gop plan. if you keep in mind we're spending $4 billion a day that we currently have a debt of $16.3 trillion. depending on whose estimates you look at we'll have a deficit 1.1, 1.2 or $1.4 trillion a year. >> yes. melissa: none of those things curb the spending we're doing. >> no, right. melissa: that is what i thought was shocking and distressing about crunching these numbers. >> you're absolutely right. the most important way to look at iscal cliff debate, the math is fine to go through it but
of popping off of the fha. if you look at where we stand right now, as an economy, we have a very modest recovery. it is most likely going to happen. connell: the significance of it is, in your mind, what? >> what needs to happen is we need to take note that we are subsidizing the fha again. while the fha is great for lower income borrowers, we are still allowing people to buy properties where they want after they post on the property, they are upside down on our property. that is where we need to be cautious. connell: we talk about it all the time, the housing numbers that are showing improvement. if people are only putting down, you know, the 3.5%, are we getting ourselves into a similar hole to the ones we are trying to dig ourseeves out of? >> unfortunately, we may have. the loans that the fha have increased in the past ten years, has increased tenfold. when you look at that type of fan increase in the increased exposure for the fha, there are years were barely fha loans were written. today it is a very big percentage of the market. we need to prophet fha up short term and then refor
smiles, i see people all the time. people don't look happy. neileven when we had a boom in the economy, i would be in a mall and i would not be happy. >> that we are talking about the other people [laughter] neil: you can catch him on fox news. >> thank you. neil, you are always a start. neil: it's you, buddy. you are always trusted. thank you very much. i've never heard such a good explanation. that's what makes him a star. did mitt romney lose because he was the butt of jokes? and why the president got the last laugh. this is interesting stuff music is a universal language. but when i was in an accident... i was worried the health care system spoke a langua all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i never missed a beat. we're more than ,000 people looking out for more than 70 million americans. that's health in numbers. unitedhealthcare. you know, one job or the other. the moment i could access the retirement plan, i just became firm about it -- y
all the time people don't look happy. neil: even when we had a boom the economy, i would be in a mall and i would not be happy. >> that we are talking about the other people. [laughter] neil: you can catch him on fox news. >> thank you. neil, you are always a start. neil: it's you, buddy. you aralways trusted. thank you very much. i've never heard such a good explanation. that's what makes him a star. did mitt romney lose because he was the butt of jokes? and why the president got the last laugh. this is interesting stuff neil: is president obama still sitting here? governor romney does visiting here? all because mitt romney was in a serious order taken it seriously? that he was the butt of more jokes. david brennan is on the phone right now. thanks for joining. >> thank you. neil: you have seen the studies. remember, they broke down the juxtaposition of jokes you and it was something like 10 to one, making fun of romney. >> i think first of all you have to know that the comedian's lea left anyway. always. i mean, they are basically -- even though they try to balance that, they are g
? >> to be a generational buying opportunity. this is based on congressional ineptitude. the fact is the economy has a tail wind, the market is fundamentally attracted, the valuations are reasonable. you have earnings growth. if we can bridge the fiscal cliff and get a comprehensive tax reform and entitlement reform, you would see a market significantly higher. tracy: we have had some earnings that look positively dismal. it is a very big pricey discretionary product, but they miss earnings, that is a real fundamental, isn't it? speak we still have the s&p profit growth that is positive. you cannot continue to have double-digit earnings growth as he diyou did for 10 consecutive quarters. if we get through this cliff in the back half of 13, gdp growth rate accelerates as we anticipate and profit growth as well. tracy: if your liking big multinationals, you don't like europe yet you like the multinationals. help me wrap my mind around that. >> u.s. large caps are cheap, most of those in mall to nationals. but they don't deserve to be cheap. it is going to be a while before you get any sustained growth. you c
. people don't look happy. neil: even when we h a boom in the economy, i would b in a mall and i would not be happy. >> that we are talking about the other people. [laughter] neil: you can catch him on fox news. >> thank you. neil, you are always a start. neil: it's you, buddy. you are always trusted. thank you very much. i've never heard such a good explanation. that's what makes him a star. did mitt romney lose because he was the butt of jokes? and why the president got the last laugh. this is interesting stuff [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you oose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. neil: is president obama still sitting here? governor romney does visiting here? all beuse mitt romney was in a serious order taken serisly? that he was the butt of more jokes. david brennan is o
, that is a really crummy solution and how the market i and the economy reactso that? >> i agree with you, and only be a short-term solution before going off the cliff. melissa: does not achieve anything real. except avoiding going off the cliff. i made it clear that was the sole purpose of it, say okay, show us what you're really going to do. again, have attacked both sides of the budget. right now they are not even have having meaningful discussions on that. i'm suffering from fiscal cliff fatigue i think it will get worse because the end of the year is approaching. melissa: thank you for coming on. lori: way to bring it home. spending cuts, looking at even more spending or the possibility of that. housing secretary donovan branding how he hopes to avoid a government bailout for the fha. it seems like more dollar signs out there to me, peter. >> that is right. the housing secretary cannot rule it out. washington is certainly closer to one after the latest audit of the fha fund has a capital reserve shortfall of $16.3 billion. the administration says it is too soon to say whether the fha will need
not interfere with the economy the way it was beginning to. oil stepped back about one and three-quarters percent today closing at $86.38. liz: the ecb cutting at least the rate forecast of growth and so, nonetheless, that didn't help the picture, but the tech sector rallying today. as we mentioned, apple helping to push the rebounded after yesterday's steep drop. it hit a four-year low yesterday. let's look at iyw, apple makes up more than 22% of this etf which also holds tech heavyweights ibm and microsoft, three-quarters of a percent gain, and then the tech etf xlk also rose today. the fund's very large holding is, of course, apple. >>> we've got two ceos coming up that you are going to want to listen to. tom is the ceo of tmx group. it owns and operates the toronto stock exchange to our neighbors in the north, here in studio talking about the changing landscape for exchanges. the possibility of more acquisitions to come. david: and we're also going to be talking with the ceo and president of choice hotels, this is steve joyce. steve is going to be talking about their expansio
for the economy. that money should be invested. you are hearing, though, from the white house, we have already put in place a trillion dollars of cuts. we have something on the table. we are the republican proposals. we are talking politics in that nobody wants to go first and really lay out what they are about for fear that there will be a tremendous political consequence on things like cuts to medicare. lori: those cuts, as you know, nearly not enough. the second quarter gdp reading extremely disappointed. let's just call a spade a spade. we know hurricane sandy will shave another point or so off of growth. >> i think it is. that is why despite all of this, what i think of as process, it is a lot of posturing. it is a lot of politicking. people still remain convinced that these guys cannot be serious. they cannot be serious about pushing us off the fiscal cliff because it will have bad responses to republicans. the obama people will be able to say you gave away the ability to keep taxes down on 98% of americans. and for the president, the idea that he would allow the taxes to go up, again, on ap
, that is good news, you saw growth in economy and in the last few moments we moved higher and we are positive for the week. when you check it out and industrials we are up 44 points and most of those names on the dow are in the green, names like hewlett-packard and caterpillar and bank of america and united healthcare doing well. the fiscal cliff headline after headline continues to be in the forefront and on everybody's mind that this is what we are seeing, a decent market and the u.s. dollar being weaker today has been a factor in the strength we are seeing as well. connell: treasury secretary tim geithner meeting with congressional leaders and doing so as we speak. dagen: peter barnes live from capitol hill. peter: treasury secretary tim geithner arriving at our or so ago to hold meetings with top congressional leaders. senate democratic leader harry reid, now he is meeting with house speaker john boehner, that meeting just getting underway, after that meeting with senate republican leader mitch mcconnell and house democratic leader nancy pelosi and with the president and republicans on ra
what th called a self-created recession hurt the world economy. the paper went on to school lawmakers here saying that the u.s. should act like a responsible power. oh, boy. of course, china's interest is purely self-interest here. the last thing he needs it needs is a slowdown in consumer spending. after all, where wld the chinese and their economy be if it weren't for america? that's right. a lot more to come during this hour. what this tax fairness mean? i will break down the numbers. folks like warren buffett don't want to talk about this. and aaa and unusual warning about a blend of gasoline. the federal government wants you to start using the gas. to start using the gas. but will it damage your twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the art of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includ
congress threatened to unleash what they called a self-created recession hurt the world economy. the paper went on to school lawmakers here saying that the u.s. should act like a responsible power. oh, boy. of crse, china's interest is purely self-interest here. the last thing he needs it needs is a slowdown in consumer spending. after all, where would the chinese and their economy e if it weren't for america? that's right. a lot more to come during this hour. what this tax fairness mean? i will break down the numbers. folks like warren buffett don't want to talk about this. and aaa and unusual warning about a blend of gasoline. the federal government wants you to start using the gas. to start using the gas. but will it damage your can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. ♪ [ engine revs ] ♪ [ male announcer ] oh wha
dage to the domestic economy. evybody agrees with this. president ama as president at lst twice made the argument, raising taxes including raisin taxes just on the wealthy would hurt the economy. he is doing somethinghe previously said would hurt the onomy. melissa: that is ablutely true but plse,,guys, show me th full scre another me. on the spendg side of the ledger none of those cuts are big enough to make any kind of a difference whether we're talking about going overhe cliff talking about even the gop plan. if you keep in mind we're spending $4 billion a day that we currently have a debt of $16.3rilli. depeing on whose estimates u look a we'll have a deficit 1.1, 1.2 or$1.4 trillion year. >> yes melissa: none of those thin curb the spending we're doing. >> no, right. melissa: that is what i thoughwas shocking and distressing about crunching these numbers. >> y'r absolute right. look at iscal cliff debate, e math is fine to go through it but t most portant question in my mind will there be serious structural eitlement reforms. melissa: right. >> t kinds of reforms that will yiel
the economy is going to be hurt and i think both sides, especially the president deserve blame. stuart: who will get the blame? >> the republicans clearly are going to get the blame and hurting themselves. stuart: but we may go into a much slower economy and hurts the president. >> bad news for the president and even worse news for the the american people. stuart: i agree with that. all right, doug, not bad the at all. >> still a democrat. stuart: is that a tag line to every interview? >> it may well be. doug, thanks very much indeed. >> the so the president has made it very, very clear, drawn a line, no fiscal cliff deal without higher tax rates for the highest earningers, tax rates have got to go up. question, what will speaker boehner have to say about that? his reaction will be new at ten this morning. mark stein is going to be here as well and he'll join us to explore that and more. we have an oil and mining deal to tell, but. freeport mcmoran and copper and gold will have exploration and two separate deals for 9 billion in cash and stock. i'm not quite sure what all of that means. jus
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